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The Surge In Car Market & What It Means For Long Island Residents

Why car prices are still so high — and likely won’t fall anytime soon The average new vehicle costs nearly $49,000, an almost $10,000 increase from before the pandemic. This is a look at today’s deeply weird auto market.

It’s a question many car shoppers want to know: Can you negotiate new car prices? The short answer is yes. However, for many, even the thought of negotiating new car prices can seem intimidating. Treat this experience like any negotiation and go in with a plan.

CarMax has 220 dealerships across the country, including three Upstate, and the retailer is planning to enter the downstate market with two new dealerships on Long Island – in East Meadow and Smithtown – that will serve the New York City area, the Richmond, Virginia-based company said.

The monthly cost to lease a new car in New York (2024): $650

Overall, a good rule of thumb is to try to keep your total car expenses at or below 20% of your monthly income. The best price depends on your monthly budget and how much you have to pay for parking.

You must pay NY State sales tax on any lease payments if the leasing company or dealer did not collect the sales tax. The sales tax is collected in one complete payment at the time of registration.

You have the right to use the car during the lease for a certain number of months and miles. You will usually pay more for the lease in the end than if you had purchased the vehicle. You can end up paying extra if you go over the mileage limit or put too much wear and tear (damage) on the vehicle.

Whether you lease or buy, a new vehicle can impact your credit score. With a lease, you have a monthly payment obligation. When the lease ends, there’s likely to be either a new lease or a new monthly cost for a vehicle purchase. In either case, credit utilization is increased, and that can reduce your credit score.

For the best shot of being approved for favorable lease terms, you should have a credit score of at least 700.

According to the Experian State of the Automotive Finance Market report, the average credit score among those who leased new cars in the second quarter of 2022 was 736. If you have a credit score of 600 or lower, you’ll likely have trouble getting approved for an auto lease.

Want to know how to build credit fast? Start by making on-time payments. Then work on paying off old debt and adding new lines of credit to your portfolio. As your credit score improves, keep practicing good credit habits like keeping balances low and avoiding unnecessary credit inquiries.

Contact us at VIP Auto Lease Of Long Island 164 Northern Blvd, Great Neck, NY 11021 516-487-2886 https://www.vipautoli.com/ if you have any questions.

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